Kempf

The incredibly popular VLC Player is finally coming to Android after months of hard work by the open source project developers. Originally a desktop media center for Linux, Windows, and Mac, this versatile player will bring many new video-playing features to our beloved OS including a wide variety of formats such as DivX and Dolby TrueHD. The lead developer in the project, Jean-Baptiste Kempf, has confirmed that it will hit the Android Market in "just a few weeks", which means that Android will be the first mobile platform to have a version of this software finally follow iOS and get its own port (thanks, Mikeyy).